The Wish List of Your Future Buyers: Gen Z
Many within today’s generation of teens, 21 million strong, say they’ll be willing to give up modern luxuries for a more mainstream view of the American dream of homeownership, according to a new study from Better Homes and Gardens Real Estate, which reveals the home ownership wish lists of the children ages 13 to 17, part of Generation Z.
Eighty-nine percent of Gen Z teens surveyed say owning a home is part of what they believe the American dream is, followed by graduating from college (78%); getting married (71%); and having children (68%).
They’re optimistic that they’ll become home owners one day, too. Ninety-seven percent say they’ll own a home one day, and they say they’d even be willing to make some unusual sacrifices in order to put them on the path to home ownership. For example, 53 percent say they’d be willing to give up social media for a year or would be willing to do twice as much homework every night in order to become a home owner one day. Forty-two percent would go to school seven days a week, and 39 percent would even be willing to take their mom or dad to their prom if it meant they could be a home owner one day, the survey showed.
“We have a clear view of tomorrow through our millennial consumer research; now it’s time to look at the day after tomorrow,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. “Today’s teens are fiscally literate and realistic when it comes to their future. It’s quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home.”
Among other findings from the study:
- The majority of the Gen Z teens surveyed say they are aiming to own their first home by age 28, which is three years earlier than the median age of first-time home owners. But before they purchase their first home, they expect to have an advanced college degree (60%), gotten married (59%), own a pet (58%), and have children (21%).
- Of the 97% who say they will own a home one day, they estimate paying an average $274,323 for their first home.
- 95% of Gen Z teens surveyed say they believe they would start their future homebuying process online. They would view home listings and take virtual tours, but 29 percent also say they’d expect to be able to video chat with real estate agents.
- 59% say they believe they will undertake the search process for their future home with a real estate professional’s help.
- 47% of respondents say they’ll likely pick their future home in a suburban neighborhood, followed by 23 percent who say they’ll choose a city and 20 percent who say they’ll live in a country or rural area.
Source: Better Homes and Gardens Real Estate
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